Pop star Taylor Swift reportedly could have been one of the faces of failed crypto exchange FTX had talks over a $100-million deal not ended prematurely.
According to a Dec. 7 report from the Financial Times, FTX was in the late stages of negotiating a sponsorship deal with Swift months before its liquidity crisis and bankruptcy. Talks over paying the pop superstar $100 million to be one of the celebrity faces of the exchange reportedly fell apart on FTX’s end, due to concerns the deal did not offer much of a return.
“No one really liked the deal,” one unnamed individual familiar with the negotiations told the newspaper. “It was too expensive from the beginning.”
Other concerns from FTX staff reportedly included that Swift — one of the most well-known names in entertainment — would not reach the exchange’s target demographic of retail crypto investors. The singer reportedly never had the opportunity to seriously consider the deal before talks fell apart.
Prior to FTX’s bankruptcy in November, the crypto exchange had been promoted in TV spots and social media ads by sports and entertainment celebrities such as tennis star Naomi Osaka, NFL quarterback Tom Brady and NBA point guard Stephen Curry. Comedian Larry David also starred in an ad that aired during Super Bowl LVI in February that encouraged viewers not to “miss out on the next big thing.”
According to a Nov. 22 Bloomberg report, the Texas State Securities Board was investigating Brady, David, Curry and others over payments the figures received from FTX for their endorsements. The celebrities have also been the target of at least one class-action lawsuit from investors in the wake of FTX’s collapse.
Related: Influential celebrities who joined the crypto club over the past year
Swift has seemingly stayed out of the crypto space during her time as a public figure, though the singer knows the power of owning one’s own data — or, in this case, music. The pop star famously re-recorded and re-released many of her own albums in 2021 following a dispute with one of her old labels.
Sourced from cointelegraph.com.
Written by Turner Wright on 2022-12-10 16:16:12.
